The Online Casino Boom: What’s Behind It?
Gambling has been a key element of entertainment culture for years. The sector has evolved immensely over the years and continues to be very lucrative today. Online gambling, in particular, has been enjoying a seemingly never-ending streak of success since it launched. Why this is happening is certainly an important conversation not just for the gamblers but for the stakeholders as well. These include investors, aspiring casino operators, and even governments.
In 2021, several things contribute to the success of the iGaming sector. The COVID-19 pandemic contributed in many ways but we are not going to focus on it for now. That’s because the other factors will bear more weight long after the pandemic is gone.
Land-based casinos are great destinations to visit. However, they are not accessible to everyone, something that limits its growth in some ways. The pandemic made things even worse. The online gambling boom can be largely attributed to how accessible gambling products are today.
Getting started is very easy. All you need is a smartphone and access to the internet. Computers and tablets also work. Most, if not all, online casinos are built for optimal cross-platform gaming.
That means that gamblers can enjoy their favorite games at any time from wherever they may be. The availability of affordable internet connections and computing devices as well as operator focus on the iGaming vertical has boosted the sector even further.
Lots of New and Exciting Casino Titles
Both land-based and online casinos have benefited immensely from innovation. Online casinos have, however, taken this to even greater heights. Players can always look forward to fun and fresh variations of the casino games that they know and love.
These keep existing consumers very happy and do a pretty good job when it comes to attracting new customers.
One of the verticals that enjoy the most attention is online slots. They are some of the most popular games thanks to their amazing features and the huge payouts that they promise. Moreover, titles such as Cleopatra’s Fortune, Gonzo’s Quest, Legacy of Dead, and Starbust feature amazing themes. These contribute to their immersive storytelling and betting capabilities. Very few gamblers can resist the allure of that.
This is not just limited to slots. Casino game developers are always working on new titles. Live dealer games, video poker, and even crash gaming are a few of the ones that are driving the iGaming boom.
Laws and Regulations
For a long time, laws and regulations in places like the United States were some of the biggest obstacles that the iGaming sector had to deal with. It took a bit of time for this to change. Eventually, many governments started to see the potential of the sector as an additional revenue source.
That said, the boom that the online gambling industry is currently experiencing has a lot to do with the availability of legal and regulated gambling options. To be fair, the sector was already enjoying a lot of success thanks to offshore gambling sites but the authorities were missing out on lots of tax revenue.
This is no longer the case in many places. Even jurisdictions that are yet to legalize the activity are slowly warming up to the idea. That is after witnessing the revenue potential of regulated online gambling activities.
New Supporting Technologies
Other than the amazing technologies that are used to build modern online casino games, there are other technological factors to consider. In most cases, these are not the ones that end-users will immediately notice. Some blend in so well that it is hard to tell if they are there. Still, they do contribute quite a lot to the gaming experiences.
The most notable ones in this regard are Artificial Intelligence (AI), machine learning, and predictive analysis tools. These have been very useful to developers in several ways. For instance, with predictive data analysis tools they can figure out which games the players love and why. They can also draw up financial projections to help them decide where to put more effort.
Moreover, these tools also help with ensuring player safety and well-being. Lots of people want to be assured of a safe experience while gambling on the internet. Tools like AI can help with this through such things as self-analysis and fraud detection. Gaming analysis makes it easier for players to keep their gambling habits under control. Healthier customers mean there is more revenue hence the boom in internet gambling.
Now vs the Future
We have already established that online gambling has come a long way. However, we did not mention just how big the sector has grown. To put it all into perspective, the online betting market is worth a whopping $67 billion in 2021.
Growing at about 11 percent to 12 percent annually, the sector is projected to be worth about $93 billion by 2023. Those are ambitious goals for the iGaming sector. The boom that we are seeing is an indication that it is well on its way towards achieving all that.